S&P revises rating outlooks on Infosys, TCS, Wipro

Apr 25, 2012 |

Reuters

New Delhi

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Standard & Poor's Ratings Services said on Wednesday that it had revised the rating outlooks on three Indian information technology companies to negative from stable. At the same time, we affirmed our 'BBB+' long-term corporate credit ratings on these entities. The three companies are Infosys Ltd. (INFY.NS), Tata Consultancy Services Ltd. (TCS.NS), and Wipro Ltd (WIPR.NS).

The outlook revisions follow a similar action on the sovereign credit rating on India (BBB-/Negative/A-3) (see ‘Outlook On India Revised To Negative On Slow Fiscal Progress, Deteriorating Economic Indicators; 'BBB-' Rating Affirmed,’ published April 25, 2012, on RatingsDirect on the Global Credit Portal).

Our ratings on Indian information technology companies reflect our 'BBB+' transfer and convertibility (T&C) assessment of India. We could lower the ratings on these companies if we revise downward our T&C assessment. We could lower our T&C assessment if we downgrade the sovereign credit rating.

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